Money20/20 USA: Ville Sointu from Ericsson discusses GenAI

Money20/20 USA 2023 saw the leading lights of financial services come together in Las Vegas to connect and create the future of money.

FinTech Magazine caught up with Ville Sointu, Head of Solutions & Strategy for Financial Services at Ericsson, to discuss the growing influence of generative AI across the financial services sector. 

Understanding GenAI

Sointu began by emphasising the importance of ensuring the financial services workforce has a good understanding of how GenAI actually works. 

"In financial services, if the 'computer says no', it's not good enough," he said. "You need to understand where it's coming from.

"This is bringing the next trend of explainable AI. The way to achieve this explainable AI paradigm is to look at what goes into the AI and how the AI makes decisions."

GenAI is also helping bridge the divide when it comes to financial inclusion, which has been a prominent theme at Ericsson Mobile Financial Services for the past decade. 

"Financial inclusion, to a certain extent, has been achieved now," adds Sointu. "If you look at the proliferation of mobile money in most African countries, where most people didn't have a bank account or access to financial services, that first step has been achieved. 

"The question becomes, 'how can we start lifting people out of poverty?'"

To hear more insights, simply click on the video link at the top of this story. 

Want to see more from Money20/20 USA 2023? Stay tuned to our website for more content, which will be rolled out in the coming days. 

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For more insights from FinTech Magazine, you can see our latest edition of FinTech Magazine here, or you can follow us on LinkedIn and Twitter.

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Please also take a look at the playlist for our latest hybrid event, FinTech LIVE London, to learn all about the latest trends in fintech. 

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